Six straight weeks of market gains, leaving many to wonder just how long it can go without pause (or collapse … depending on which column you are reading). To make it a seventh consecutive week just got a little harder … as the market dropped almost a half percent shortly after the open.
In my morning readings I came across a scary comment via CNBC by David Stockman, former Budget Director under Ronald Reagan, in which he is claims a market bloodbath is imminent. Of course, with such a background as his, I took immediate notice … and then went to my friend “Google” to see past claims of his and came up with the following:
2012: “You’re a fool to hold anything but cash” (David Stockman, Associated Press)
2013: “The future is bleak” (David Stockman, NY Times)
2014: “The train wreck is coming” (David Stockman, King World News)
2015: “Stocks are a disaster waiting to happen” (David Stockman, CNBC)
2016: “Sell everything now” (David Stockman, CNBC)
There will be a time when the market does go down and … if severe enough … we will be told that Mr. Stockman gave us warning. And, of course, that will come from Mr. Stockman himself … who will comfortably forget about the many, many false alarms.
I just wanted to point out that a weatherman who predicts rain every day will eventually be right … but anyone who plants their seeds based on such analysis will not have much of a crop.
And speaking of food … Barbra Streisand has gained some pounds (last article below) … and claims the cause is none other than Donald Trump! I must admit that I always look for excuses for my own cheating on diets, but this is one I hadn’t even considered.
But, come to think of it, I think she once wrote a song when she was much thinner titled:
“You don’t bring me flour.”
Have a great day and don’t read too much into today’s headlines. They seem extra ridiculous this morning.
Joseph G. Witthohn, CFA
Emerald Asset Management
610 Freedom Business Center Drive
King of Prussia, PA 19406
(610) 337-9230 ext. 6
A Quick Look at the News
March 6, 2017
Joseph G. Witthohn, CFA | firstname.lastname@example.org
… as of 10:33 AM today …
It seems like such a short while ago that investors were running away from the Eurozone in droves … well, they might be headed back … as confidence in the area is the highest it has been in the last ten years (Reuters)
… but investing … no matter what area of world is the main focus … is done, typically, for a particular purpose. Most invest for retirement … and it is important for millennials to think early … and avoid some mistakes (USNews)
… although even older (and, supposedly, wiser) investors can run into problems … and with April 15th lying ahead it might be a good time to remind retirees to be extra careful of certain tax traps (USNews)
When it comes to investing, a small group puts money into “startups” … many of which fail. You can be sure, however, that homework is done and this Bloomberg list of who they like is interesting (Bloomberg)
… and if you notice, some companies on the list focus on self-driving vehicles. Heck, some states already sense they are on their way … and taxing authorities are already proposing action plans (BusinessInsider)
Some will applaud … and some will claim those on the “left” have taken over the education system. Regardless, Barnard College is divesting away from companies that deny climate change (Bloomberg)
… but one thing certainly changing is Barbra Streisand … who is gaining weight and putting the blame squarely on the shoulders of the new president. I guess he stocks her fridge (NYDailyNews)